New Jersey Gift Card Repeal Legislation Continues Progress
When we last left the New Jersey Gift Card Saga, the New Jersey State Assembly had passed a bill that would effectively undo the 2010 gift card legislation by removing “stored value cards” from the scope of New Jersey’s Unclaimed Property Act. In addition, the proposed legislation would (re)extend the dormancy periods for travelers’ checks and money orders to 15 and 7 years, respectively.
After passing the Assembly, the bill was forwarded to the State Senate, where it was referred to the budget committee. Recently, the Senate Budget Committee likewise passed the bill. Just in case you were wondering, it is unlikely that the Governor will support the bill (although that will not necessarily stop it from passing). Earlier last month, the Governor told a group of reporters that if “If they [the gift card issuers] want to move out, move out. It’s their call.” We will continue to follow the legislation.